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TGA had no need to forward sell, there are costs involved in passing forward risks to third parties. The company had no debt and very limited liabilities. It can afford to roll with the downsides and very significant potential upsides of the coal market. Once we get within a few months of winter 2022/23 prices could go higher again in my opinion.
Everyone keeping their powder dry until the AGM perhaps when it should become clear just hours much cash the company is currently generating. Also we will learn about the company’s plans for shares buy backs. Maybe a trading update.
Another big swing this morning. I think that the market is struggling to value a company which is producing a supposedly legacy mineral (coal), but yet which is paying high dividends and which seems to be well on the way to a PE ratio of around 1 in this FY. The company has also only been trading as a separate entity for less than a year. Significant share buyback seems a very strong possibility. Lots of unknowns to balance.
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